Charity reglstration number 1156189 (England and Wales) SOUTH DOWNS OPERA ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Caladine Chartered Certified Accountants SOUTH DOWNS OPERA LEGAL AND ADMINISTRATIVE INFORMATION Trustees J Jenkins S Benson B N8wman T Parsons B Davies M Riches Charlty reglstratlon England and Wales 1158189 Principal address Kotimaki Tottingworth Park Broad Oak Healhfield East Sussex TN218UH Accountants Caladine Limited Chantry House 22 Upperton Road Eastbouine East Sussex BN211BF Banker8 Natioiial Westminster Bank PIC 1 Muster Green Haywards Heath West Sussex RH16 4AP SOUTH DOWNS OPERA CONTENTS Page Tn5Stees' report Accountants, report statement of financial activlties Stat8ment of financial posttion Notes to the financial statements SOUTH DOWNS OPERA TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees present their report and accounts for the year ended 3]De￿mber 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution, the Charities Act 2011 and "Accounting and Reporting by Charities- Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (effective 1 January 2019)" Objectlves and actlvltle8 The objects of South Downs Opera (SDOI are to promote and advance the art of music, including opera, In Heathfield, East Sussex and in such other parts of the Unrted Kingdom as the Trustees may from time to time think fit. This will be done by the provision of public performances, workshops, grants to aspiring musicians and other appropriale projects Ihat align with these objects. Public b8nerrt The Trustees have pald due regard to guidance issu8d by the Charity Comm155ion In deciding what activities the charity should undertake. Achievements and perfomiance During 2025, no opera productions were carried out. Th8 charity's stock of props. Scenery and equipment continues to be stored safely and securety. During 2025, and in line with the charity's updated object5, grants were provided to three young pianists embarking on their professional careers as concert pianists, induding a grant towards the cost of an inaugural CD recording for one pianist. Financial review The charity had a net surplus in the year of £47 leaving free r8seNes of £344 (2024- surplus of £202, with frae reserv8s of £297). Raserves pollcy It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to three month's expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able lo continue the charity's current activities while consideration is given lo ways in which additional funds may be raised. Following the major Opera Production in October 2015, reserves have been depleted and the Trustees will seek to restore levels to a higher level before embarklng on another productlon. Major risks The Trustees have assessed the major risks to which the charity is exposed, and are satlsfied that systems are in place to mltigate exposure to the major risks. Structure, governance and management SDO was registered as charity on 14 March 2014. 11 is a Charitable Incorporated Organisation and operates under its Constitution dat8d 14 March 2014 as amended on 22 May 2023. Th8 TTUStees, who are also Members, who served during the year were: J Jenkins S Benson B Newman T Parsons B Davies M Riches SOUTH DOWNS OPERA TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 New Twste8s are appointed by the existing Truste8s and are given suitable induction and training. Th8 TTUStees' report was approved by the Board of Trusteés. J Jenkins Trustee 3 2è26 Date:,.. SOUTH DOWNS OPERA CHARTERED CERTIFIED ACCOUNTANTS. REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SOUTH DOWNS OPERA FOR THE YEAR ENDED 31 DECEMBER 2025 In ordp.r to 3ssisI you to fulfil your duties under the Chartties Act 2011, we have prepared for your approval the financial statem8nt5 of South Downs Opera for the year ended 31 December 2025, set out on pages 4 to 9 from the charity's accounting records and from information and explanations you have given us. As a practising m8mb8r firm of the Associalion of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https:IlwMv.accaglobal.comlgblenlmemberlstandard51rule5- and-standardslrul8book.html. This report is made to the charity's Trustees, as a body, in accordance with the terms of our engagement18tter dated 18 January 2024. Our work has been undertaken solely to prepare for your approval the financial statements of South Downs Opera and state those matters that we have agreed to state to th8 charity's Trustees, as a body, in this report in accordance with the requirements of the Association of Chartered Certif18d Accountants as detailed at www.accaglobal.comlconlenUdamlACCA_GlobawfechnicallfacVtf-audit-exempt-companies-jan-24.pdf. To the fullest extent permitted by law, we do not accept 01 assume responsibiliiy to anyone other than South Downs Opera and the charity's Trustees as a body for our work or for this report. It is your duty to ensure that South Downs Opera has kept adequate accounting records and to prepare statutory financial slatements that give a true and fair view of the assels, liabilities, financial position and surplus of South Downs Opera. You consider that Soulh Downs Opera is exempl froffl the statutory audit requir8m8nt for the year, and is nol required to obtain an independenl examinels report. We have not been instruct&d to carry out an audit or a review of the financial statements of South Downs Opera. For this reason, we have not verified the accuracy or completeness of the accounting records or infomiation and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial 8t8tements. no Llmlted Chartered Certif18d Accounlants Chantry House 22 Upperton Road Eastbourne East Sussex BN2118F Date: SOUTH DOWNS OPERA STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestrlcted Unrestricted funds funds 2025 2024 Notes Income from: Donations and legacies 4,745 4,125 Totsl Income 4,745 4,125 Expendlture on: Charitable activities 4,898 3,923 Totsl expendlturo 4,898 3,923 Net Income and movement in funds 47 202 Reconclllatlon of fund9: Fund balances at 1 January 2025 297 95 Fund balanc08 at 31 Decernbor 2025 297 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from conlinuing activities. SOUTH DOWNS OPERA STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025 2025 2024 Notes Current assets Cash at bank and in hand 704 657 Current liabilities (360) (360) Net current assets 297 Tho funds of tho charfty Unrestricted funds 10 297 297 514A2&G The financial stat8mentS W8r8 approved by the Trustees on ......................... J Jenkins Tru8tee SOUTH DOWNS OPERA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting pollcles Charity infomiation South Downs Opera is a registered Charilable Incorporated Organisation in England and Wales (No. 1156189) govemed by its Constitution dated 14 March 2014 as amended on 22 May 2023. South Downs Opera meets the definition of a public benefrt entty under FRS 102. 1.1 Basls of preparatlon The financial slalements have been prepared in accordance with the charity's constitution, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities pieparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019)" The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions In the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is ref8rred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in Ihese financial statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the accounts, the Trustees have a reasonable expectation that the charity will be able to raise adequate resources when needed to continue in operational existenc8. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the accounts. 1.3 Charftable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. The charity operates a slngle unrestricted gen8ral fund for it's aclivities. 1.4 Income Income is recognised when the charity is legally 8nlitled lo it after any performance conditions have been met, the amounts can be measured reliably, and it is probable Ihat income will be received. Cash donations are recognised on receipt. Other donations are recognised once the tharity has been notified of the donation, unless performance Conditions require deferral of the amount. Income tax recoverable in relation to donations re￿iVed under Gift Aid or deeds of covenant is recognised at the time of the donats'on. Income received in advance of a theatrical perfomiance or provision of other specffied servic8 is deferred until the criteria for income recognition are met. SOUTH DOWNS OPERA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policies (Continuod) 1.6 Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment lo a Ihird party, it is probable that settlement will be required and the amount of the obligation can be measur8d reliably. Expenditure on charitable activities includes costs of opera production undertaken to further the purpos8s of the charity and their associated support costs. Support costs are Ih05e functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include governance. All supporl costs have been allocated to charitable activities. 1.6 Propèrty, plant and 8qulpment Property, planl and equipment are Inltially measured at cost and subsequently meaSU￿d at cost or valuation, net of depre¢ialion and any impairment losses. Depreciatlon Is recognised so as to write off the cost or valuatlon of a55ets le8S their residual values over their useful live5 on the following basis.. Fixlur8s, fittings & equipment straight line over three years At the balance sheet date all assets were fully depreciated. The gain or loss arising on the disposal of an asset is detemiined as the difference between the sale prO￿edS and the carrying value of the assel, and is recognised in net incomel{expenditure) for the year. 1.7 Cash and cash equlvalents Cash and cash equivalents include cash in hand and deposits held at call with banks. Other financial assets Trade and other debtor5 are recognised at the settlement amount die after any trade discount offered. Prepayments are valued at the amounl prepaid net of any trade discounts due. 1.8 Employee beneflts The cost of any unused holiday entillement is recognised in the period in whlch the employee'5 5ervic8s are received. Termination benefits are recognised immediately as an expense when the charity is demonslrably commltted to terminate the employment of an employee or to provlde lerminallon benefits. 1.9 Fund8 The charity operates a single general unrestricted fund for ils activities. Income from donatlong and legacios Unrestrlcted Unrestrlcted funds funds 2025 2024 Donations and gifts Grants 3,820 925 3,300 825 4,745 4,125 SOUTH DOWNS OPERA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Expendlture on charltable activities Charitable activitles 2025 Charitable activitles 2024 Direct C08ts Sets and scenery slorage Website costs 1,200 1,200 218 1,200 1.418 Grant funding of activitles (sea note 4) 3,138 2,145 Share of support and governance costs Isee note 51 Governan 360 360 4,898 3,923 Grants payable Charitablo actlvitie8 2025 Charitab18 activities 2024 Grants to institutions: Christ Church, St Leonards (plano replacement) 1,000 Grants to Individuals 3,138 1.145 Support costs allocatsd to actlvltl Charltsble activltles 2025 Total 2024 Governance 360 360 202S 2024 Governanco costs comprise: Accountancy 360 360 360 360 SOUTH DOWNS OPERA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Trustees None of the Trustees lor any persons connected with thern) received any remuneration or benefrts from the charity during the year. During the year the charity received aggregat8 trustee donations of £3,700 (2024.. £3,300) Employees The average monthly number of employees during the year wa5.. 2025 Number 2024 Number Total There were no employees whose annual remuneratlon was more than £60,000. Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charltable purposes. Current Ilabllltle8 2025 2024 Accruals and deferred income 360 360 10 Unrestrlcted lund8 The unreslricted funds of the charity comprise the unexpended balances of donations and grants whlch are not subjed to specifi¢ conditions by donors and grantors as to how they may be used. These include designated funds which have been sel aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2025 Incoming resource8 Resources expended At31 Decomber 2025 General funds 297 4,745 (4,6981 Prevlous year: At 1 January 2024 Incomlng resourGe$ Resource8 expended At31 December 2024 General funds 95 4,125 13.923) 297